The Royal Commission has unsurprisingly hit consumers’ satisfaction with the banks, with Roy Morgan finding that bank customer satisfaction declined from 81.2 per cent in the six months to January 2018, before the Commission, to 78.5 per cent in the six months to this September.
The Big Four were hit hardest in this drop, as shown below, losing 3.6 percentage points compared to an overall decline of only 0.7 per cent for the other banks.
The data from Roy Morgan showed that Bendigo Bank had the highest satisfaction, at 88.8 per cent, followed by ING with 88 per cent and Bank of Queensland with 87.2 per cent.
“Given the continuing barrage of negative publicity from the Royal Commission, mainly focused on the big four, it is not surprising that satisfaction with them has shown the greatest decline this year,” Roy Morgan industry communications director, Norman Morris, said.
“What needs to be noted, however, is that contrary to all the negative reporting on banks, the clear majority of their customers are satisfied with them and that only around six per cent claim to be dissatisfied.”
It’s worth noting that satisfaction with the banks in general was still well above the long-term average. In 2001, satisfaction was at just 58.7 per cent.